Al Baraka Islamic Bank to Invest $80M On Pakistan Expansion

Friday, Apr 18, 2008

ISLAMABAD (Dow Jones)--Bahrain-based Al Baraka Islamic BankAl Baraka Islamic BankAl Baraka Islamic Bank is planning to convert itself into a local bank in Pakistan and invest $80 million to expand its network to 30 branches from the current 12, a statement from the Pakistan Prime Minister's office said Friday.
The bank's expansion shows its confidence in the growing Pakistani economy, Mohammad Isa Al-Mutaweh, chief executive of Al Baraka Islamic BankAl Baraka Islamic BankAl Baraka Islamic , said in the statement.

Al Baraka currently operates in Pakistan as a scheduled commercial bank with its branches operating as international branches of its parent, Al Baraka Islamic BankAl Baraka Islamic BankAl Baraka Islamic Bank

. It is now seeking to operate as a local bank.

-By Islamabad Bureau; Dow Jones Newswires; 91-9900181471; romit.guha@dowjones.com

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